Direct Line finds household emergencies are costly

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Direct Line finds household emergencies are costly

Thu 4th Aug 2005

Direct Line has found that on average British homeowners will spend over £17,000 on household emergencies during their lifetime in a property.

However, the average homeowner puts aside only £2,700 to fund them, according to Direct Line Home Response 24.

The worrying news for homeowners thus comes for the 76 per cent of homeowners who have no reserve funds for repairs, meaning that they could face a shortfall of up to £15,000 in years to come.

Kate Syred, Business Manager at Direct Line Home Response 24 Insurance, said:
"When the inevitable happens, many homeowners are unprepared financially to deal with a home emergency and so have to make large sacrifices to meet repair bills."

By saving in advance, homeowners could avoid heavy sacrifices when faced with emergency repair bills or borrowing money from friends or relatives.

Ms Syred advises homeowners to set aside a small amount each month to meet the cost of repairs, and for peace of mind, to take out insurance.

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